The Ultimate Guide to Running a Translations Company
Bio: Pauline speaks Portuguese, English, Spanish and Italian. She travelled the world to immerse herself in the new cultures and learn languages. Today she is proud to be a voting member of the American Translators Association and an active participant of the Leadership Council of its Portuguese Language Division.
Becoming an owner of your own company is not that hard nowadays. Even if you are not an expert in the field,you can always hire a team of professionals who would help your business' prosperity. But what could you possibly choose, what type of company to create? Well, before giving an answer to that question, you should research the market first. If you already did that, you would probably have noticed how many translation companies arose lately. This is mostly explained by the fact that they are probably one the best choices for a small business nowadays. Due to constantly increasing globalization process , translational services are in the highest demand. So if you want to start and run your own translations company – here is a list of advices for you.
Think of a strategy
Every businessperson must have some sort of a vision for his company's future. Think about what services will you be providing exactly, what will your target audience be and how to reach it. Create a plan and try to follow it as closely as possible.
Make it legal
It is crucial that you register your business properly. Any mistakes you make now might affect you in the future, so do not hesitate before asking somebody with more experience to help you. You should also take care of establishment of a legal entity for your company. This way if one day your company will be sued (well, all sorts of things might happen, you have to be prepared for that), you will not be personally liable. Also, do not forget about taxes registration for your business. Organizing your translations company's income and expenses in one separate bank account would also be a smart thing to do.
Do not forget about getting all proper licenses. It also includes your employees' language certificates and permissions to work. You also might want to think about getting your company insured.
Create an image
Every business needs something that would help it to ‘stand out of the crowd'. In this case, you have to create a memorable brand that would make your company be recognizable among its competitors.
Therefore, if you want your company's brand to be recognized, you might want to hire a professional designer to create a logo. Never underestimate the importance of having a memorable logo – it is a huge part of representing your company on local and global markets. Considering, that we are speaking of creating a logo for a translations company it would be a good idea to somehow represent it in the logo as well. Let the customers know what type of company you have from the very first glance at your logo.
Work on your web presence
It is crucial that your translations company is also present online. Make sure your company's business website looks amazing – no less! And you will also have to think of localization of it, to attract more customers from all around the world. It is best if you leave it to professionals, no matter how much skills you have yourself, there are still some nuances you might accidentally miss. In this case you can turn to companies that actually specialize in such field, luckily, there are plenty of them today, for example The Word Point .
Get some qualified help
It is pretty rare when one person can handle every aspect of creating a company. So no matter how much you know about translations or business in general – there will always be something that is not included in your knowledge base. And in this case you will have to hire some people, who would assist you with that. Think of finding a good finance expert and an experienced lawyer. These types of experts are in highest demand when it comes to creating any kind of company.
It is not only marketing strategy thatwill represent your translations company, but also your employees. So make sure that your company's staff is highly qualified – this is especially important when you just opened your business. Because at the very beginning every little mistake counts. In addition, slight incompetence of one of your employees might cost you and your company way too much. Also, no matter how skilled your employees are, make sure they have enough time and opportunities to improve their skills. Send them to seminars or conferences regarding their specialty, pay for online courses, and make them read specified literature. You will only benefit from how diverse their professional training will be.
Research Your Competitors
Obviously you will not be the only one in your niche, so it is better if you study who are you working “against” before you actually start your own translations company. Usually these types of companies present similar list or services like written and verbal translations. But think, maybe there is something unique that your company could bring to the market? Maybe you could add localization services to your list? They are in quite high demand these days. We live in a world where unique approach means a lot while starting a business and might even be the only thing that brings you straight to the top.
Just before starting any kind of business, you have to think of itspotential. It is obvious that every person that starts a business wants it to still be in demand even after a few years. When it comes down to owning a translations company – there is nothing to be worried about in terms of possible demand. Now that we entered the globalization era, the collaborations between international companies grew increasingly. So interpreters and professional translators will always be in demand. This way you can be sure that if you choose to run a translations business your income will only get higher with time.
Make them come back
It is significantly easier to deal with customers for the first time, but how do you actually make them want to return to you? At the beginning of your business activity, it would be a great idea to lower your prices a little bit, comparing to similar companies on the market. This way you will have the constant flow of customers until your company has some solid reputation and client base.
For those who happen to be your customers for the first time you could also create some bonuses, that would build up the loyalty towards your brand and leave your customers with more satisfaction. This way the chances that they will return to you grow increasingly.
So these are the basic tips for you to follow if you decide to open a translations company. Basically, you have to focus on two main things – legalization and promotion. The first part will make sure that you will not get into any kind of trouble while doing your business, and the other one will ensure your constant customer flow. Just do not take too much on yourself, hire specialists whenever you feel unconfident about something. Running a business is not that easy as it might seem, especially a translations company. But we are sure, that if you follow these advises, everything will turn out just right.
Published in November 2018.
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